ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI TINGKAT UNDERPRICING PADA PERUSAHAAN PERBANKAN YANG IPO PERIODE 1999-2003

Abstract

This study attemps to establish whether seven factors that influenced underpricing phenomenon of initial public offering. These factors such as underwriter reputation, auditor reputation, the total of old stock ownership, return on assets, price earning ratio, financial leverage and inflation. This research uses the data of listed IPOs bank companies in the Jakarta Stock Exchange from 1999-2003. In examing the relationship between underpricing - phenomenon and those seven factors, this research uses the method of Multiple Liniear Regression. As results, Adjusted R2 shows the number of 0,930, meaning that 93% of underpricing phenomenon could be explained by factors such as underwriter reputation, auditor reputation, the total of old stock ownership, return on assets, price earning ratio and financial leverage except inflation. Further, the hypothesis analysis to test the influence of independent variabels such as underwriter reputation, auditor reputation, the total of old stock ownership, return on assets, price earning ratio and financial leverage simultaneously (using E-test) is concluded that these variabels simultaneously contribute to dependent variable significantly. Only inflation variable did not contributed to dependent variable. Whereas, the partial etst (using7T-test) to test independent variable partially shows the same result. Keywords: underpricing, underwriter, auditors, old stock ownership, ROA, PER, financial leverage, inflation. Perusahaan yang akan go public hams melaksanakan initial public offering (IPO) agar dapat listing di bursa. Setelah listing, sebagian besar harga saham emiten mengalami underpricing pada pasar sekunder. Penelitian ini adalah tentang faktor-faktor yang mempengaruhi tingkat underpricing pada perusahaan perbankan yang IPO di BEJ pada periode 1999-2003 seperti variabel reputasi underwriter, reputasi auditor, jumlah saham yang ditahan pemegang saham lama, ROA, PER, financial leverage dan tingkat inflasi. Pada periode tersebut terdapat 13 perusahaan perbankan yang IPO, hanya 11 yang dapat dijadikan sampel penelitian. Penelitian ini menggunakan regresi berganda dengan taraf signifikansi 5%. Adapun tujuan dari penelitian ini adalah untuk mengetahui pengaruh dan masing-masing variabel reputasi underwriter, reputasi auditor, jumlah saham yang ditahan pemegang saham lama, ROA, PER, financial leverage dan tingkat inflasi terhadap tingkat underpriced. Variabel reputasi underwriter terbukti berpengaruh signifikan terhadap underpricing. Selain itu, faktor-faktor seperti reputasi auditor, jumlah saham yang ditahan pemegang saham lama, ROA, PER, financial leverage juga berpengaruh secara signifikan. Namun hanya variabel tingkat inflasi yang tidak mempunyai pengaruh yang signifikan terhadap tingkat underpriced.